A federal grand jury in Washington, D.C., has indicted a certified public accountant (CPA) on charges of not filing income tax returns, bank fraud, and aggravated identity theft. The indictment, which was unsealed today, accuses Timothy Trifilo of Washington, D.C., of failing to file federal income tax returns for nearly a decade despite earning over $7.7 million during that period.
According to the indictment, Trifilo was a partner or managing director at several large accounting and finance firms and worked in tax compliance. In February 2023, he allegedly sought a $1.36 million bank-financed loan to purchase a home in D.C. When the mortgage company required copies of his filed tax returns for loan approval, Trifilo allegedly provided fabricated documents to make it appear as if he had filed the necessary returns. He submitted copies of tax returns for 2020 and 2021 that were never filed with the IRS.
Trifilo also allegedly listed a former colleague as the preparer of these returns without authorization. This individual did not prepare the returns nor authorize Trifilo to use his name on any documents submitted to the mortgage company. Based on these false representations, the bank approved the loan and Trifilo purchased the home.
If convicted, Trifilo faces severe penalties: up to two years in prison for identity theft, up to 30 years for bank fraud, and up to one year per count for failure to file tax returns. Additional penalties include supervised release, monetary fines, and restitution. A federal district court judge will determine any sentence after considering U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division announced the indictment.
The case is being investigated by IRS Criminal Investigation.
Trial Attorneys Melissa S. Siskind and Alexandra K. Fleszar from the Tax Division are prosecuting.
It is important to note that an indictment is merely an allegation; all defendants are presumed innocent until proven guilty beyond a reasonable doubt in court.